News & Analysis as of

Paycheck Protection Program (PPP) Tax Relief Tax Credits

Keating Muething & Klekamp PLL

The IRS is Aggressively Pursuing Employee Retention Credit Claims. Are You at Risk?

Congress enacted the Employee Retention Credit (“ERC”) during the COVID-19 pandemic to help employers retain their workforce and stay current on payroll despite economic difficulties that plagued the world. The legislation...more

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

Lowndes

Too Good To Last? IRS Halts Processing of ERC Claims

Lowndes on

While not as well-known as the Paycheck Protection Program, the Employee Retention Credit (“ERC”) program was another form of Covid relief provided by the federal government to businesses in 2020 and 2021. The ERC program...more

Burr & Forman

Retroactive 2020 Employee Retention Credit Changes and 2021 Enhancements

Burr & Forman on

The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable tax credit against certain employment taxes equal to 50% of the...more

Bond Schoeneck & King PLLC

COVID-19 in the Workplace - PPP Update, COVID Plans from the Biden Transition Team, Higher Education Relief Package Provision,...

In these sessions, we not only summarize the week’s latest federal and state guidance, we will also offer insights on: - All aspects of employment law compliance - Paycheck Protection Program, tax credits and other economic...more

Kelley Drye & Warren LLP

New Stimulus Legislation Makes PPP-Funded Expenses Deductible and Provides Other Tax Benefits

Kelley Drye & Warren LLP on

On December 27, 2020, following an unexpected delay, President Donald Trump signed stimulus legislation that legislatively overruled the IRS’s position that expenses funded with forgiven Paycheck Protection Program (“PPP”)...more

Seyfarth Shaw LLP

Paycheck Protection Program Update: Additional COVID Relief under the Coronavirus Aid, Relief, and Economic Security Act ("CARES...

Seyfarth Shaw LLP on

On December 27, 2020, President Trump signed into law the $2.3 trillion coronavirus relief and government funding bill. In addition to other provisions, the law specifically adds $284 billion to the already successful...more

Pierce Atwood LLP

President Trump Signs COVID-19 Stimulus Bill, Unlocking New Relief Spending

Pierce Atwood LLP on

On Sunday, December 27, 2020 President Trump signed into law the $900 billion stimulus package enacted by Congress on December 21. His signature ensures that this new relief spending for individuals, families, workers, and...more

Faegre Drinker Biddle & Reath LLP

Congress Extends and Liberalizes COVID-19 Tax Benefits

The mammoth appropriations legislation passed by the House and Senate on Monday, December 21 includes a number of tax-related provisions. We have summarized in this tax alert the provisions that we expect are most likely to...more

ArentFox Schiff

Senate Republicans Propose Additional Tax Relief in HEALS Act

ArentFox Schiff on

The tax provisions of the HEALS Act would expand upon and modify several provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the employee retention tax credit, while also introducing...more

Troutman Pepper

Update: Summary Of CARES Act And FFCRA Tax Credit And Payroll Tax Relief

Troutman Pepper on

This chart is a high-level overview of the various payroll and tax credit programs under the CARES Act and FFCRA and does not include the eligibility and technical requirements of each program, which are highly complex....more

Jaburg Wilk

Tax Relief to Help Weather the Storm of COVID-19

Jaburg Wilk on

As the COVID-19 pandemic has wreaked havoc on our personal, financial and business lives, the government has responded with legislative and administrative relief.  This is a high-level summary of some of the enacted measures...more

Proskauer Rose LLP

Coronavirus Tax Relief

Proskauer Rose LLP on

Originally published on April 2, 2020. Last updated as of April 29, 2020. On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (H.R. 6201), and on March 27, 2020, he signed into law...more

BakerHostetler

The Employee Retention Tax Credit: Aggregation Aggravation

BakerHostetler on

Employers navigating the incentives included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) must undertake the complex analysis of determining whether, and to what extent, they qualify for...more

Lewitt Hackman

More Highlights of the Coronavirus Aid, Relief, and Economic Security Act (Part 2 of 2)

Lewitt Hackman on

Earlier we posted Part 1 highlighting certain aspects of the CARES Act (Coronavirus Aid, Relief and Economic Security Act), which the federal government enacted to provide financial relief to individuals and businesses...more

BCLP

Tax Effects on Paycheck Protection Program Borrowers

BCLP on

With regard to the interplay of various tax provisions of the CARES Act and the Paycheck Protection Program (PPP), we note the following: ..If a borrower takes a PPP loan, they are restricted from claiming the employee...more

Vedder Price

COVID-19 Update – CARES Act Provisions Affecting the Asset Management Industry

Vedder Price on

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act aims to ease the financial burden on businesses and individuals caused by the COVID-19 pandemic....more

White & Case LLP

Help on the way: CARES Act benefits small businesses

White & Case LLP on

Small businesses affected by the COVID-19 pandemic can take advantage of the unprecedented aids available under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which was enacted on March 27, 2020.  The CARES...more

Steptoe & Johnson PLLC

A Six Foot Look at the Business, Loan, and Tax Reform Legislation In Response to COVID-19

LOAN ASSISTANCE PROVISIONS - Express Bridge Loan Pilot Program: Unilateral pronouncement of the SBA- • While not part of the CARES legislation, the SBA announced as a response to COVID19, small businesses that...more

Brownstein Hyatt Farber Schreck

Opportunities for Small Business in the CARES Act of 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to small businesses impacted by COVID-19. Congress did not, however, provide a one-size-fits-all solution. Instead, small businesses must...more

Buckingham, Doolittle & Burroughs, LLC

Federal stimulus packages provide significant tax savings and credits to combat the financial impact of COVID-19

Following enactment of the Families First Coronavirus Response Act and the CARES Act, Buckingham’s team of tax attorneys have been helping clients survive these difficult and unprecedented times in America. Below are some of...more

Jackson Walker

The CARES Act: Tax Relief and Incentives

Jackson Walker on

Friday, March 27th, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act contains significant tax relief for individuals and businesses. Below are the tax highlights....more

Foster Garvey PC

The Cavalry Has Arrived – Congress Passed and President Trump Signed Into Law the CARES Act

Foster Garvey PC on

A Succinct Summary of the Key Tax Provisions - On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (colloquially, the “CARES Act” or the “Act”). The CARES Act is a...more

McDermott Will & Emery

COVID-19: Health and Welfare Benefits and Relief Included in the CARES Act

In the ongoing effort to help individuals impacted by COVID-19, Congress passed the Coronavirus Aid, Relief, and Economic Securities Act (the “CARES Act” or “Act”) on March 27, 2020. The President signed the Act into law the...more

McGuireWoods LLP

Business Tax Relief in the CARES Act

McGuireWoods LLP on

On March 27, 2020, President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The new legislation is considered the third phase of legislation enacted in response to the...more

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